Fairmont Mortgage Rates, Fees & Info
Fairmont, WVLEI: 549300LY3BVZZOO7LW95
Tax ID: 55-0522816
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Fairmont is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Fairmont has a high proportion of conventional loans. Their top markets by origination volume include: Fairmont, Clarksburg, and Morgantown among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Fairmont has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.01% | 12/16/24 |
| 30 Year Conventional Refi | 6.64% | 12/16/24 |
| 30 Year Cash-out Refi | 6.02% | 12/16/24 |
| 15 Year Conventional Purchase | 5.87% | 12/16/24 |
| 15 Year Conventional Refi | 5.64% | 12/16/24 |
| 15 Year Cash-out Refi | 5.64% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Fairmont Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
292Origination Dollar Volume (All Markets)
$45,570,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Fairmont, WV (FHA|USDA|VA) | 167 | $23,265,000 | $139,311 | $0 | 5.25% |
| Clarksburg, WV (FHA|USDA|VA) | 84 | $13,860,000 | $165,000 | $0 | 0.00% |
| MORGANTOWN, WV (FHA|USDA|VA) | 38 | $7,900,000 | $207,895 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $545,000 | $181,667 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against FAIRMONT based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 291 | $45,515,000 | $156,409 | $0 | 0.00% |
| HELOC | 1 | $55,000 | $55,000 | n/a | 5.25% |
For 2020, Fairmont's most frequently originated type of loan was Conventional, with 291 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2020, Fairmont's most frequently cited loan purpose was Cash Out Refi, with 159 originations. The 2nd most popular reason was Home Purchase, with 88 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 292 | $45,570,000 | $156,062 | $0 | 5.25% |
For 2020, Fairmont's most frequently cited loan duration was Other, with 292 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 1 | $55,000 | $55,000 |
During 2020, Fairmont's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 1 originations.
Loan Sizing
2020 saw Fairmont place emphasis on $100k-200k loans with 126 originations, totaling $17,860,000 in origination value.
Applicant Income
Fairmont lent most frequently to those with incomes in the $50k-75k range, with 69 originations. The second most popular income band? $75k-100k, with 62 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 291 | $45,515,000 | $156,409 | $0 | 0.00% |
| 44% | 1 | $55,000 | $55,000 | $0 | 5.25% |
Fairmont lent most frequently to those with DTI ratios of Exempt%, with 291 originations. The next most common DTI ratio? 44%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.95%
Fairmont has a below average approval rate.
Pick Rate
Approvals leading to origination84.25%
Fairmont has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 291 | $45,515,000 | $156,409 |
| NA | 1 | $55,000 | $55,000 |